To this point, the Bengals have staunchly resisted trading Palmer, who has said he'll retire before returning to play in Cincinnati. The Bengals have moved on, otherwise, and have won three in a row with rookie quarterback Andy Dalton.

ESPN's Adam Schefter says the deal has already been done, that the Bengals have made the trade for the Raiders' first-round pick in 2012, and a conditional first-round pick in 2013. Fox's Jay Glazer was first to report an agreement was close.

The Raiders are in need of a quarterback because starter Jason Campbell suffered a broken collarbone against Cleveland on Sunday, an injury that likely will end his season. He was replaced by backup Kyle Boller, and the only other quarterback on the roster is rookie Terrelle Pryor.